Crude oil futures ended lower on Wednesday as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook. A sell-off in global markets amid rising worries about inflation, and the dollar's climb to a fresh two-decade high hurt sentiment. The move by Saudi Arabia to cut prices for buyers in Asia amid a drop in demand in China weighed as well on the commodity. Meanwhile, the dollar index surged to 104.19 in the Asian session. Despite paring gains subsequently, the index moved higher again on safe-haven appeal as global stocks tumbled.
Benchmark crude oil futures for June delivery fell $6.68 or 6.1% percent to settle at $103.09 a barrel on the New York Mercantile Exchange. Brent crude for July delivery drooped $6.51 or 5.8 percent to settle at $105.88 (Provisional) a barrel on London's Intercontinental Exchange.